Expiry Special Analysis for 10th Sep'2020.
#banknifty OI up by 8.93% and price down by -2.10 % show short buildups.
The last 30 min move is a pure short covering, so we should not read much into the price action as a reversal.
#banknifty is seating in strong support zone 22,011 - 22,213 and we managed to hold it.
#banknifty is the uptrend channel, trade the channel, lower end of the channel is around 22150 and we managed to closed just above the channel.
The next hurdle on the upside is 22,865, which if crossed can see rally till 25k once again.
Decision Zone 22,554 - 22,641
We won't short now, as our downside target is done, fresh shorting will be below 21,886.
If 21,886 is breached, we will see 21,350 - 21,400 and followed by 21,050.
Trading Stratergy:- Buy in dips till 21,886 holds for a target of 22,440 / 22,640 / 22,865.
Trade what you see not what you feel, trading is all about making money nothing else.
The last 30 min move is a pure short covering, so we should not read much into the price action as a reversal.
#banknifty is seating in strong support zone 22,011 - 22,213 and we managed to hold it.
#banknifty is the uptrend channel, trade the channel, lower end of the channel is around 22150 and we managed to closed just above the channel.
The next hurdle on the upside is 22,865, which if crossed can see rally till 25k once again.
Decision Zone 22,554 - 22,641
We won't short now, as our downside target is done, fresh shorting will be below 21,886.
If 21,886 is breached, we will see 21,350 - 21,400 and followed by 21,050.
Trading Stratergy:- Buy in dips till 21,886 holds for a target of 22,440 / 22,640 / 22,865.
Trade what you see not what you feel, trading is all about making money nothing else.
Trade closed: target reached:
Trading Stratergy:- Buy in dips till 21,886 holds for a target of 22,440 (done)/ 22,640 (done)/ 22,865.
